Many small business owners are now looking for ways to retain their very best workers while also attracting new ones that might be able to better help a company flourish. However, it may not always be easy to do so. Fortunately, many experts recommend that improving the quality of the benefits companies offer may be key in this area.
Recent data suggests that many small businesses have had difficulties attracting good job candidates, as well as having job openings that have gone largely unfilled in the past several months or more, according to a report from Small Business Trends. In addition, about half believe that they may be able to improve their benefits packages, especially as roughly the same number also look to expand hiring in the next year or so.
However, what some owners may not know is what workers value in these types of offerings, or what ways they can go about improving what they already have without incurring a massive cost, the report said. One great way to do this is to put into place voluntary wellness programs, as these may not draw in all workers as participants, but have been shown to reduce company-wide healthcare costs through simple incentives. While some large companies pay for workers' gym memberships or pay for healthy lunches, their smaller counterparts may be able to create fun bonuses for employees who participate in workout programs or wellness groups with their coworkers.
It could also help to start doing more to communicate with workers about the ways in which their current benefits programs can be of use to them, so that they know exactly what they're paying for under the plans they already have, the report said. For instance, they may not know that participation entitles them to some services, and as such, things that they didn't even know about may come off as being new to them, and provide them with a little added incentive.
Companies looking to increase flexibility in coverage may also want to look into ways to reduce small business insurance costs that are not typically seen by employees. For example, finding more affordable liability insurance may free up some cash that could be used to increase the perceived value of employee health coverage or other perks, and that in turn could serve to attract new employees and retain current ones.
